On December 2, the Cailian Press quoted insiders as saying that Polestar Automobile has signed a strategic cooperation agreement with Beijing Yizhuang International Investment Development Co., Ltd. (hereinafter referred to as "Yizhuang State Investment"). In the future, Polestar China Headquarters and Polestar Automobile The national flagship exhibition hall will also be located in Yizhuang, Beijing.

    People familiar with the matter also said that the future Polestar Automobile's national flagship showroom will be located near the Tesla Yizhuang showroom.

    There are speculations that Polestar Motors may adopt the cooperation model that Weilai and Yizhuang State Investment have reached close before, namely to establish a new entity "Polestar China" in Beijing Yizhuang Economic and Technological Development Zone and inject specific businesses and assets into this entity. .

    Insiders said that Polestar's settlement in Beijing Yizhuang "can do multiple things with one stone." The local area has a good automobile industry foundation, strong policy support, and a chance to obtain capital injection from Yizhuang State Investment. At the same time, consumers of the brand are mainly from first- and second-tier cities. "Polestar is a brand in the Geely system that specializes in the research, manufacturing, sales and service of the'new four modernizations'. It is Geely's innovation and breakthrough in the future. Geely will not allow its tepid development."

    Since 2017, the Beijing Economic and Technological Development Zone in Yizhuang has regarded the new energy vehicle industry as an important force for "building a sophisticated economic structure" and has established the National New Energy Vehicle Technology Innovation Center to create new energy smart vehicles Industrial clusters. Yizhuang State Investment Corporation mainly introduces leading enterprises to the Beijing Economic Development Zone, improves the upstream and downstream industrial chain, and develops businesses such as industrial promotion, industrial investment, financial services, and park operations.

    There have been rumors about this cooperation between the two parties. Reuters reported at the end of October that Polestar Automobile and Chinese investors including Yizhuang State Investment Corporation are in the final stage of financing negotiations, and plans to raise approximately US$900 million in the first external fundraising. If the financing goes well, Polestar’s post-investment valuation will exceed $5 billion.

    This funding will help Polestar expand its production scale and enrich its product lineup. However, the source added that because the negotiations were conducted privately and the financing has not yet been completed, the details of the terms may change.

    At present, Polestar has already launched two models for delivery, namely the electric hybrid GT coupe Polestar 1 and the pure electric coupe Polestar 2. The former aims to establish a high-end brand image, while the latter assumes the heavy responsibility. In addition, the brand also displayed the Polestar Precept concept car during the Beijing Auto Show, which will be put into mass production in China in the future.

    According to the plan, Polestar aims to make the annual sales of Polestar 2 exceed 50,000 units in the next two to three years.